A drilling company in Minnesota has uncovered what may be the largest natural source of helium ever found in North America and potentially a new source for MR imaging providers amid a dwindling global supply shortage.

Canadian company Pulsar Helium began drilling at a helium reservoir in Minnesota’s Iron Range in early February. On February 29, they came across a large concentration of helium as high as 12.4% at 2,200 feet below the surface, which is higher than forecast and roughly 30 times the industry standard for commercial helium, according to CBS News.

"12.4% is just a dream. It's perfect,” Thomas Abraham-James, CEO of Pulsar Helium, told CBS News.

Helium concentrations above 0.3% are considered economically viable. The gas collected will be sent to a specialist laboratory for full molecular composition, isotopic characterization, and to remove atmospheric or air contamination, according to Fox Business News.

MR scanners rely on liquid helium to perform proper imaging. Any leaks risk magnets becoming quenched, leading to expensive repairs and liquid helium refills, which further strains the shortage.

Former government-run reserves in the U.S. have either been depleted or sold to private equity companies. Most recently, in January, the U.S. government sold the Federal Helium Reserve, which has been in operation since 1925 and is today the largest global supplier based in the U.S., providing 20% of its helium supply. The sale is still being finalized and the name of the acquiring company has not yet been revealed.

The Compressed Gas Association, AdvaMed, and other organizations urged Congress to delay the sale out of fear that it would lead to infrastructure, regulatory, and operational issues that would create more disruptions and shortages, raise prices, and adversely affect U.S. geopolitical relations.

“This poorly structured and ill-timed sale would make lifesaving MRs less accessible, the chips that connect everything from computers to cars to airplanes less available, and would have an immediate impact on America’s national security,” said CGA president and CEO Rich Gottwald at the time.

The reservoir in the iron range was found by accident in 2011 while drilling for platinum and palladium. The region where it is located is known as Topaz and the namesake for the Topaz project which encompasses drilling into the well.

Abraham-James says a third party will now be brought in to perform a feasibility study and assess if the size of the reservoir could supply an entire service helium plant. The feasibility study could take until the end of the year.

"It's not just about drilling one hole, but now proving up the geological models, being able to get some really good data that wasn't captured in the original discovery," he said. "It has the potential to really contribute to local society."

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